When the Persian power weakened, half-independent khanates of Karabakh, Shirvan, Sheki, Ganja and others were established.

In 996 by Muslim calendar (1588 AD), Karabakh and the surrounding territories belonging to Ottomans fell under the sway of Persian rulers. In the second half of the 18th century the Persian power weakened and half-independent khanates of Karabakh, Shirvan, Sheki, Ganja and others were established. Panah Ali Khan conquered the fortress of Shosh village and declared himself the Khan of Karabakh.

The khanates of that period had their own coins, the main mint place being located in Panahabad (Shushi).

From the end of the 18th till the beginning of the 19th century (1763-1806) Karabakh Khanate issued a silver coin called Abbasid and copper coin half Bisti. These were minted by Ibrahim Khalil Khan (1763-1806) and then Mehdi Qulu Khan Muzaffar (1806-1822). The mint place – Panahabad – is mentioned, thus suggesting that Karabakh Khanate was a land independent from any other power, particularly Azerbaijan, which didn’t even exist at that time.

Description of coins

The silver coins, Abbasids, carried inscriptions in Persian, the name of the ruler and mint place. Abbasids weighed 2,0-2,3g and were circulated in Persia as well as. 1 Bisti was equal to 20 Dinars.

After the signature of the Treaty of Gulistan, the above mentioned territories went under the rule of Russian Empire (1813). In 1868, they were included in the Elisabethpol (Elizavetpol) Governorate (Ganja). Thus, some khanates stopped minting coins, as the Russian Empire implemented centralized mintage system. This year, the Central Bank of Armenia enriched its collection with silver coins minted in Shuhsi. Some of them, Abbasids, were minted during the period of Karabakh Khanate.